Saudi Aramco has made new appointments during a meeting of its board of directors, naming Khalid al-Dabbagh to become senior vice president for finance. Al-Dabbagh takes over the position from Abdallah al-Saadan, who is now chairman of the Royal Commission for Jubail and Yanbu.

The board also appointed Motassim al-Maashouq to the post of president of treasury, the sources told Bloomberg. However, it did not say if al-Maashouq will keep his post of vice president of IPO development in Aramco.

The appointed Aramco officials will take over their new positions starting September, the sources said.

The new appointments come at an important stage for Aramco, which said last month that it is looking to buy a stake in petrochemical maker Saudi Basic Industries Corporation (SABIC).